Alignment Healthcare
ALHC · Health Care Services
$8.06
4.4%Quest Diagnostics
DGX · Health Care Services
$241.89
0.6%The short version
- Quest Diagnostics is the larger business, with $11.0B of revenue in fiscal 2025 against $3.9B for Alignment Healthcare, about 2.8 times as much.
- Alignment Healthcare grew revenue faster (46.1%, against 11.8%).
- Quest Diagnostics kept more of each dollar of sales as operating profit (14.1% operating margin, against 0.4% operating margin).
- Quest Diagnostics turned more of its sales into free cash flow (12.3% FCF margin, against 2.9% FCF margin).
- Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 42.4x against 24.1x for Quest Diagnostics.
| Latest fiscal year | ALHC · FY25 | DGX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $27.1B |
| Revenue | $3.9B | $11.0B |
| Free cash flow | $113M | $1.4B |
| Net income | −$0.7M | $992M |
| Growth | ||
| Revenue growth | 46.1% | 11.8% |
| 5-year growth | 32.7% | 3.2% |
| Share count change | 3.8% | 0.0% |
| Profitability | ||
| Gross margin | — | 33.2% |
| Operating margin | 0.4% | 14.1% |
| Net margin | −0.0% | 9.0% |
| FCF margin | 2.9% | 12.3% |
| Return on capital | — | 9.5% |
| Return on equity | −0.5% | 14.2% |
| Balance sheet | ||
| Net debt | −$281M | $5.3B |
| Net debt / EBITDA | −6.2x | 2.5x |
| Dividends and buybacks | $0.0M | $803M |
| Valuation & quality | ||
| P/E | 42.4x | 24.1x |
| Piotroski F-score | 5 | 6 |
FY16
ALHC —
DGX $7.2B
FY17
ALHC —
DGX $7.4B
FY18
ALHC —
DGX $7.5B
FY19
ALHC $757M
DGX $7.7B
FY20
ALHC $959M
DGX $9.4B
FY21
ALHC $1.2B
DGX $10.8B
FY22
ALHC $1.4B
DGX $9.9B
FY23
ALHC $1.8B
DGX $9.3B
FY24
ALHC $2.7B
DGX $9.9B
FY25
ALHC $3.9B
DGX $11.0B
ALHC
DGX
FY16
ALHC —
DGX 17.7%
FY17
ALHC —
DGX 15.7%
FY18
ALHC —
DGX 14.6%
FY19
ALHC −3.9%
DGX 15.9%
FY20
ALHC −0.6%
DGX 20.9%
FY21
ALHC −15.3%
DGX 22.1%
FY22
ALHC −9.0%
DGX 14.5%
FY23
ALHC −7.0%
DGX 13.6%
FY24
ALHC −3.8%
DGX 13.6%
FY25
ALHC 0.4%
DGX 14.1%
ALHC
DGX
FY16
ALHC —
DGX $823M
FY17
ALHC —
DGX $923M
FY18
ALHC —
DGX $817M
FY19
ALHC —
DGX $843M
FY20
ALHC —
DGX $1.6B
FY21
ALHC —
DGX $1.8B
FY22
ALHC −$69.2M
DGX $1.3B
FY23
ALHC −$95.2M
DGX $864M
FY24
ALHC −$6.7M
DGX $909M
FY25
ALHC $113M
DGX $1.4B
ALHC
DGX
FY16
ALHC —
DGX 9.5%
FY17
ALHC —
DGX 10.7%
FY18
ALHC —
DGX 10.0%
FY19
ALHC —
DGX 10.4%
FY20
ALHC —
DGX 15.7%
FY21
ALHC —
DGX 19.0%
FY22
ALHC —
DGX 11.7%
FY23
ALHC —
DGX 9.9%
FY24
ALHC —
DGX 9.0%
FY25
ALHC —
DGX 9.5%
ALHC
DGX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.